ICICI Bank Singapore, which is leading a consortium of Indian banks, has moved the London High Court against Essar Global Fund to recover a loan worth $600 million granted to its US subsidiary. Essar Global Fund, an investment firm of the Ruia group, was guarantor to the loan to Essar Steel Minnesota, which filed for bankruptcy in 2016.
ICICI Bank Singapore, which is leading a consortium of Indian banks, has moved the London High Court against Essar Global Fund to recover a loan worth $600 million granted to its US subsidiary. Essar Global Fund, an investment firm of the Ruia group, was guarantor to the loan to Essar Steel Minnesota, which filed for bankruptcy in 2016.
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